Floor Statements

Mr. President, ensuring that more Americans are better prepared financially for their retirement is one of my top priorities.

That is why I rise to reintroduce with my colleague, Senator Nelson, the Retirement Security Act of 2017. Our bill would encourage more small employers to offer retirement plans, provide incentives for employees to save more for retirement, and make it easier for low- and middle-income taxpayers to claim tax benefits for retirement savings already authorized in law.

According to the non-partisan Center for Retirement Research, there is an estimated $7.7 trillion gap between the savings American households need to maintain their standard of living in retirement and what they actually have. A recent Gallup poll found that only 54 percent of working Americans believe that they will have enough money to live comfortably in retirement. We must continue to work to ensure that more Americans will have the resources they need to enjoy their ``golden years.''

The Social Security Administration's most recent report noted that 61 percent of all beneficiaries rely on Social Security for more than half of their income. Many seniors in my State rely almost entirely on Social Security to cover their monthly expenses, despite the fact that the average annual benefit is only about $16,000 per year. It is hard to imagine stretching those dollars far enough to pay the bills-- certainly a ``comfortable retirement'' is out of the question.

Sadly, they fare no better when it comes to savings: a survey by the Federal Reserve found that nearly half of individuals do not have enough savings to cover an emergency expense of $400. That is not even enough to buy new tires for a car. For this reason, among others, Americans need to increase their personal savings so that we can better weather financial emergencies without raiding our retirement accounts.

There are many reasons why Americans have struggled to save for retirement, including the shift away from employer-based ``defined benefit'' plans, or pensions; the severity of the recent financial crisis; rising health care costs; the need for expensive long-term care; and most of all, the fact that Americans are living far longer than they did in the past. Many Americans reaching retirement age also have more debt than retirees of previous generations.

Another contributing factor is that employees of small businesses are much less likely to participate in employer-based retirement plans. According to a study by the PEW Charitable Trusts, more than 30 million U.S. workers lack access to a work-based plan to save for retirement.

Making it easier for smaller businesses to offer retirement plans for their workers would make a significant difference in the financial security of many Americans. That is why the bill we are introducing today focuses on reducing the cost and complexity of retirement plans, especially for small businesses, and on encouraging individuals to save more for retirement. Let me describe the provisions of the bill:

First, our bill would make it easier for businesses to enter into multiple employer plans, known as MEPs, to offer retirement programs to their employees. MEPs permit small companies to share the administrative burden of a retirement plan, which helps lower costs. Current law discourages the use of MEPs because it requires a connection, or ``nexus,'' between unrelated businesses in order to join a MEP, such as membership in the same trade association. Our bill would waive the nexus requirement for businesses.

Second, our bill makes joining a MEP a more attractive option for small businesses. Under current law, if one employer in a MEP fails to meet the minimum criteria necessary for retirement plans to obtain tax benefits, all employers and their employees could lose these tax benefits--which are substantial. For employees, benefits include delaying the taxation of income contributed to a plan until funds are

withdrawn. For employers, plan disqualification could result in limited deductions and a higher tax burden. Our bill would address this uncertainty, and protect members of a MEP from the failure of one bad apple to meet its obligations.

Third, our bill would reduce the cost of maintaining a retirement plan. Current law requires that participants in a retirement plan receive a variety of notices. Our bill would direct Treasury to simplify, clarify, and consolidate these required notices to lessen costs.

Fourth, the Retirement Security Act would encourage those still in the workforce to save more for retirement. Retirement plans are often designed to comply with existing safe harbors to prevent the IRS from challenging the tax benefits that flow to employees and employers. The existing safe harbor for so-called ``automatic enrollment'' plans effectively caps employee contributions at ten percent of annual pay, with the employer contributing a ``matching'' amount of up to six percent. Our bill would create an additional safe harbor for these plans that would allow employees to receive an employer match on contributions of up to ten percent of their pay. Employees would be able to contribute more than ten percent, albeit without an employer match for contributions above ten percent.

I recognize that businesses that choose to adopt a plan with this new optional safe harbor may face additional costs due to the increased employer match. That is why our bill would also help the smallest businesses--those with fewer than 100 employees--offset this cost by providing a new tax credit equal to the increased match.

I should note that the new retirement plan options for businesses included in our bill are just that--options. No business, large or small, would be required to offer its employees a retirement plan under the Retirement Security Act.

Finally, our bill would ensure that current measures to encourage savings are functioning as they were intended. One such measure is the so-called ``saver's credit,'' which reduces the tax burden on low- and middle-income individuals who contribute to retirement plans, including IRAs and 401(k) plans. Yet the credit cannot be claimed on a Form 1040EZ, which is frequently used by these individuals. A 2013 Transamerica Center for Retirement Studies survey found that only 23 percent of people with household incomes of less than $50,000 per year, the group most likely to qualify, were aware of the saver's credit. To address this, our bill directs Treasury to make the credit available on Form 1040 EZ.

Mr. President, during my time as chairman of the Senate Aging Committee, I have heard countless stories of retirees whose savings did not go as far as they anticipated. Adequate savings reduce poverty among our seniors. As the HELP Committee noted in a July 2012 report, poverty among our seniors also increases Medicare and Medicaid costs and strains our social safety net. Giving those not yet at retirement age more opportunities to save, and to save more, would help ease this additional burden on entitlement programs that already are projected to be unsustainable.

In light of the positive effects this bill would have in strengthening retirement security for millions of Americans, I urge my colleagues to join Senator Nelson and me in supporting the Retirement Security Act of 2017.

Thank you, Mr. President.

Mr. President, today I wish to commemorate the 250th anniversary of the town of Lebanon, ME. Lebanon was built with a spirit of determination and resiliency that still guides the community today, and this is a time to celebrate the generations of hard-working and caring people who have made it such a wonderful place to live, work, and raise families.

The year of Lebanon's incorporation, 1767, was but one milestone in a long journey of progress. For thousands of years, the land of fields, streams, and forests of what is now southwestern Maine was the home of the Abenaki, who called the area ``Towwoh,'' meaning ``a place to grind corn.'' The many archeological treasures unearthed in the region include a large ancient stone mortar used by the Abenaki for that very purpose.

In 1733, the Massachusetts General Court granted Towwoh Plantation to 60 colonists, and European settlement began. When the town was incorporated on June 11, 1767, the name Lebanon was chosen in reference to the Biblical land of fertile soil and towering trees.

With the Salmon Falls River and Little River providing power, Lebanon soon was home to many lumber, grain, and textile mills. The wealth produced by the land and by hard work and determination was invested in schools and churches to create a true community.

Among the many prominent residents of the town over the years was the Reverend Oren Burbank Cheney, who established the Lebanon Academy in 1849. His courage and vision as an outspoken opponent of slavery and advocate for full rights for women and Native Americans so impressed Boston industrialist Benjamin Bates that, when Bates College was established in Lewiston in 1864, the Reverend Cheney was named as the first president of the esteemed school.

The coming of the railroads in the late 1800s helped to make Lebanon a tourism destination, with fine hotels, inns, and restaurants. An early visitor was the famed Norwegian violinist, Ole Bornemann Bull, who performed a concert at one of the town's remarkable attractions, the enormous cavern entrance known as Gully Oven, in 1871. The virtuoso was so impressed by the acoustics of the natural amphitheater that he bought a home in Lebanon, becoming one of the town's first summer residents.

Today visitors and residents alike enjoy Lebanon's quiet parks, beautiful historic buildings, and exciting outdoor recreation opportunities. The energy and planning that are going into Lebanon's 250th anniversary celebration this July demonstrate the pride townspeople have in their town.

The celebration of Lebanon's 250th anniversary is not merely about the passing of time; it is about human accomplishment. We celebrate the people who, for longer than America has been a nation, have pulled together, cared for one another, and built a great community. Thanks to those who came before, Lebanon, ME, has a wonderful history. Thanks to those there today, it has a bright future.

Mr. President, I would like to express the sentiments of all of us who were stunned and saddened to learn first thing this morning of the attack on our colleagues and their staff on the House side as they practiced for the Republican team for the annual Congressional Baseball Game.

Senator Rand Paul, who was present, told us at lunch about what happened. He emphasized time and again the absolutely heroic behavior, the extraordinary bravery of the Capitol police officers who were part of Representative Scalise's detail. He said that, without these two police officers, he has no doubt that many more people would have been injured and likely killed.

So I think it is important for us to pause and express our gratitude to the men and women of the Capitol Police Force, and, indeed, to the first responders and law enforcement officers everywhere, who, day after day, put their lives on the line for our country. Without their help today, the terrible attack would have been far, far worse. So I thank them.

Mr. President, for centuries, families and communities throughout Maine were sustained by healthy working forests. During his 32 years with Pingree Associates, including 28 as president, Stephen Schley has exemplified the stewardship that defines Maine's forest products industry. His retirement provides an opportunity to celebrate his many contributions to the economy, environment, and the communities that make up the great State of Maine.

It can truly be said that Steve's commitment to Maine and our forests is in his DNA. In 1820, the year Maine became a State, Massachusetts shipping businessman David Pingree began investing in Maine forestlands. Nearly two centuries later, as a descendant of that visionary leader, Steve has helped to make Pingree Associates a model of sustainable forestry, environmental responsibility, economic development, and public access.

Today Pingree Associates' lands in Maine approach 1 million acres. Steve has always recognized that with those great holdings comes great responsibility, and he has always measured every initiative by its benefit to the communities and people of Maine. He has devoted time and effort to engaging with organizations statewide that seek to provide support for these communities and their development, both inside and outside his role in forest management.

Just a few examples from a long career demonstrate his commitment. In the 1990s, under Steve's leadership, the Pingree lands in Maine became the largest forest in North America to earn certification for sustainable forestry practices. In 2001, he guided the agreement that established a 750,000-acre conservation easement, also the largest on our continent, to ensure continued public recreational access to undeveloped woodlands. In recent years, as the industry has sought to address the challenges of a changing economy, Steve has been a leader in supporting research into forest bioproducts and developing new economic opportunities for the entire forest products industry. He has always recognized the value in engaging with all stakeholders and has worked in cooperation with the University of Maine to foster the next generation of foresters. Indeed, he worked to establish the endowment of the University's Forestry School, recognizing the unique perspective and unparalleled training that comes with working in the forests of Maine.

The people of Maine have always been faithful stewards of our forests because we appreciate their tremendous value to our way of life. As president of Pingree Associates, Steve Schley has honored our heritage and helped to shape the economic, environmental, and recreational future of our entire State. I commend him for his dedication to Maine's natural treasures and our way of life and thank him for his years of stewardship.

Mr. President, I rise today to speak in support of the Apprenticeship and Jobs Training Act, which Senator Cantwell and I are reintroducing today.

Few issues are as important to the American people as the availability of good jobs in our communities. It is crucial that we continue to improve job training initiatives to help people find jobs in fields with open positions. Many business owners in Maine have told me that they do, in fact, have jobs available, but they cannot find qualified workers to fill these highly skilled vacant positions. In fact, I cannot visit a machine shop in the State of Maine, no matter where it is located, and find that they are not looking for skilled machinists. There is such a shortage. And those are good jobs. They are jobs with good benefits and job security.

One way for employees to acquire the skills needed to succeed in these in-demand fields is through apprenticeship programs. Apprentices gain hands-on experience that is invaluable to them and to their employers. These programs help workers secure good-paying jobs.

According to the Department of Labor's Employment and Training Administration, more than 49,000 participants graduated from an apprenticeship program in fiscal year 2016. In Maine, we have some innovative job-training apprenticeship programs at places like Bath Iron Works, which builds naval destroyers, and the Portsmouth Naval Ship Yard, which has an extraordinary program. Partnering with employers like these and others, more than 2,220 individuals in Maine worked actively on industry-recognized skill certifications in just the last year. That number--impressive as it is--remains insufficient to meet the needs of employers statewide.

We must do all we can to ensure that an adequate pool of skilled workers is available. Our legislation would help achieve this goal by giving a $5,000 tax credit to businesses that hire apprentices full time in high-demand mechanical, technical, healthcare, or technology professions. In order for a business to claim the credit, the apprentice must be employed for at least 7 months. What we find is that the people who go through these apprenticeship programs stay in these jobs, thus benefiting both the worker and the employer.

Our bill also provides incentives for experienced workers who spend at least 20 percent of their time passing their hard-earned knowledge on to the next generation. These workers would be allowed to receive some retirement income early without facing tax penalties. That is a way we can ensure that the experienced older worker is passing knowledge on to the next generation.

Finally, our bill would ensure that the brave men and women who defend our country are given credit for the skills they learned in the military while wearing our Nation's uniform. Training received while serving in the Armed Forces would count toward an apprentice's training requirement.

This bill would help to better align the needs of our Nation's employers with potential employees. It would promote hiring and the creation of new jobs. It would enhance the skills that the people of our country need to obtain good-paying, secure employment. The Presiding Officer and I were talking about this very issue at lunch today and the need to bridge that skills gap.

I encourage all of my colleagues to support our bill, and I want to salute Senator Cantwell for her leadership over many years in working on this issue. This is something that should unite us all--Democrats, Republicans, Independents. It is not a partisan issue; it is looking at ways that we can help more Americans secure good-paying jobs that will last them for a lifetime.

Mr. President, I rise today to speak in support of the Apprenticeship and Jobs Training Act, which Senator Cantwell and I are reintroducing today.

Few issues are as important to the American people as the availability of good jobs in our communities. It is crucial that we continue to improve job training initiatives to help people find jobs in fields with open positions. Many business owners in Maine have told me that they do, in fact, have jobs available, but they cannot find qualified workers to fill these highly skilled vacant positions. In fact, I cannot visit a machine shop in the State of Maine, no matter where it is located, and find that they are not looking for skilled machinists. There is such a shortage. And those are good jobs. They are jobs with good benefits and job security.

One way for employees to acquire the skills needed to succeed in these in-demand fields is through apprenticeship programs. Apprentices gain hands-on experience that is invaluable to them and to their employers. These programs help workers secure good-paying jobs.

According to the Department of Labor's Employment and Training Administration, more than 49,000 participants graduated from an apprenticeship program in fiscal year 2016. In Maine, we have some innovative job-training apprenticeship programs at places like Bath Iron Works, which builds naval destroyers, and the Portsmouth Naval Ship Yard, which has an extraordinary program. Partnering with employers like these and others, more than 2,220 individuals in Maine worked actively on industry-recognized skill certifications in just the last year. That number--impressive as it is--remains insufficient to meet the needs of employers statewide.

We must do all we can to ensure that an adequate pool of skilled workers is available. Our legislation would help achieve this goal by giving a $5,000 tax credit to businesses that hire apprentices full time in high-demand mechanical, technical, healthcare, or technology professions. In order for a business to claim the credit, the apprentice must be employed for at least 7 months. What we find is that the people who go through these apprenticeship programs stay in these jobs, thus benefiting both the worker and the employer.

Our bill also provides incentives for experienced workers who spend at least 20 percent of their time passing their hard-earned knowledge on to the next generation. These workers would be allowed to receive some retirement income early without facing tax penalties. That is a way we can ensure that the experienced older worker is passing knowledge on to the next generation.

Finally, our bill would ensure that the brave men and women who defend our country are given credit for the skills they learned in the military while wearing our Nation's uniform. Training received while serving in the Armed Forces would count toward an apprentice's training requirement.

This bill would help to better align the needs of our Nation's employers with potential employees. It would promote hiring and the creation of new jobs. It would enhance the skills that the people of our country need to obtain good-paying, secure employment. The Presiding Officer and I were talking about this very issue at lunch today and the need to bridge that skills gap.

I encourage all of my colleagues to support our bill, and I want to salute Senator Cantwell for her leadership over many years in working on this issue. This is something that should unite us all--Democrats, Republicans, Independents. It is not a partisan issue; it is looking at ways that we can help more Americans secure good-paying jobs that will last them for a lifetime.

Mr. President, the Maine Dental Association was incorporated in 1867 with 22 members. Today I wish to recognize the MDA and its more than 700 members for 150 years of dedication to their profession and to the people of our State.

The remarkable advancements in dentistry over the years were accompanied by a greater understanding of the link between oral health and overall health. As doctors who specialize in oral medicine, the dentists of the MDA are a central part of Maine's healthcare sector. Expanding access to healthcare, including oral healthcare, is among the most important issues facing our society. Maine is a large, rural State with a strong network of dental clinics supported by MDA members. In addition, the MDA sponsors the Donated Dental Services Program that provides free comprehensive care to our disabled, aged, and medically compromised citizens in need.

Access to oral healthcare in Maine took a major step forward on May 20, 2017, when the University of New England College of Dental Medicine held a commencement ceremony for its first graduating class. The MDA has been a strong supporter of this first dental college in northern New England since the college was founded in 2013, and many of the 62 graduates who earned doctor of dental medicine degrees performed clinical rotations in communities throughout the State under the guidance of MDA members. I visited the Portland UNE clinic and was delighted to learn of the plans of many students to practice in Maine where their services are very much needed. From preventing and treating oral health problems to educating parents and caregivers, MDA members also play an essential role in the health, safety, and well-being of Maine children.

Throughout our State, members of the Maine Dental Association provide vital healthcare with expertise, commitment, and compassion. It is a pleasure to congratulate the MDA for 150 years of accomplishments and contributions benefiting the people of Maine.

Mr. President, I rise to introduce two bills that will benefit the brave women and men who volunteer at our local firehouses: the Volunteer Responder Incentive Protection Act and the Volunteer Firefighters' Length of Service Award Program Cap Adjustment Priority Act. I am pleased to be joined by my friend and colleague from Maryland, Senator Cardin, in reintroducing this bipartisan legislation.

Across our nation, volunteer firefighters play a critical role in helping to ensure the safety of our communities and the well-being of our neighbors. The State of Maine, for example, has approximately 11,000 firefighters in more than 400 departments. Because Maine is a largely rural state, more than 90 percent of those firefighters are volunteers.

Without these public-spirited citizens, many communities would be unable to provide emergency services protection at all, while others would be forced to raise local taxes to pay salaries and benefits for full- or part-time

staff. Often, communities seek to recruit and retain volunteers by offering modest benefits. The bills we are introducing today would support these efforts by helping to ensure that nominal benefits to volunteers are not treated as regular employee compensation.

The Volunteer Responder Incentive Protection Act would allow communities to provide volunteer firefighters and EMS workers with up to $600 per year of property tax reductions or other incentives, without those benefits being subject to federal income tax and withholding. This would ease the administrative burden that local departments sometimes face when they reward their volunteers. We also want to help first responders save for retirement. For years, local and state governments have provided their volunteer firefighters and EMS personnel with different forms of benefits, including Length of Service Award Programs, commonly known as LOSAPs. These are pension-like benefits for volunteer emergency responders.

Our second bill, the LOSAP Cap Act, would help communities recruit and retain volunteer firefighters by increasing the annual cap on contributions to their retirement accounts to $6,000, and allowing for adjustments for inflation.

As we begin the complicated process of reforming our nation's tax code, I believe we should take care to protect those who serve this country with such bravery. That is why Senator Cardin and I have introduced these bills today, and I urge my colleagues to join us in supporting them.

Mr. President, I wish to introduce the Community Bank Sensible Regulation Act of 2017, a bill that would allow financial regulators to exempt community banks from unnecessary and unduly burdensome requirements, if doing so is in the public interest. My bill would provide this authority to the FDIC, the Office of the Comptroller of the Currency, and the Federal Reserve and would apply to financial institutions with less than $10 billion in assets.

The aim of my legislation is to allow the financial regulators to exempt community banks from highly complex regulations designed to protect our financial system from systemic risks that would arise from the failure of larger banks. All banks, large and small, should be well-capitalized and properly regulated, but that does not mean that our financial regulators must impose a ``one size fits all'' regulatory regime across the board without regard to the risks posed to the financial system by banks with fundamentally different business models and of vastly different sizes.

Some regulations that are appropriate or essential for larger banks may make no sense when applied to community banks. For example, current law requires community banks to demonstrate that they are in compliance with the Volcker Rule--which restricts proprietary trading and hedge fund investments by banks--even though community banks rarely engage in such trading. Even so, community banks must shoulder the burden of complying with this complex regulation. My bill would allow the regulators to exempt community banks from the Volcker Rule.

As the GAO has noted, smaller banks are ``disproportionately affected by increased regulation, because they are less able to absorb additional costs.'' These costs are significant. According to industry representatives, the cost of complying with regulations absorbs 12 percent of total bank operating expenses, and is two-and-a-half times greater for small banks than for large banks.

The cost of regulation puts community banks at a competitive disadvantage vis-a-vis larger banks. Over the past two decades, the share of the U.S. banking industry represented by community banks has declined from 40 percent to just 18 percent. Over the same period, the share of the market represented by the five largest banks has grown from roughly 18 percent to 46 percent. I am concerned that unnecessary regulation will accelerate these trends, and ironically, contribute to the further consolidation of the banking industry into a handful of ``too big to fail'' banks.

Community banks play an essential role in meeting the credit needs of their customers, particularly small businesses, homeowners, and farmers. Although community banks represent just 18 percent of total banking assets, they are responsible for half of our nation's small business loans. With small business formation at generational lows, it is essential that we preserve and protect their access to credit, as they are the major driver of job creation in our country. In addition, community banks provide three-fourths of our nation's agricultural loans, a line of finance that requires highly specialized knowledge of farming and a long-term perspective suited to agricultural cycles.

Regulators should be able to tailor their regulations to take the distinctive nature of community banks into account. My bill would allow regulators to exempt community banks from unnecessary and burdensome regulations where it is in the public interest to do so. I urge my colleagues to support it.

Mr. President, I rise to introduce two bills that will benefit the brave women and men who volunteer at our local firehouses: the Volunteer Responder Incentive Protection Act and the Volunteer Firefighters' Length of Service Award Program Cap Adjustment Priority Act. I am pleased to be joined by my friend and colleague from Maryland, Senator Cardin, in reintroducing this bipartisan legislation.

Across our nation, volunteer firefighters play a critical role in helping to ensure the safety of our communities and the well-being of our neighbors. The State of Maine, for example, has approximately 11,000 firefighters in more than 400 departments. Because Maine is a largely rural state, more than 90 percent of those firefighters are volunteers.

Without these public-spirited citizens, many communities would be unable to provide emergency services protection at all, while others would be forced to raise local taxes to pay salaries and benefits for full- or part-time

staff. Often, communities seek to recruit and retain volunteers by offering modest benefits. The bills we are introducing today would support these efforts by helping to ensure that nominal benefits to volunteers are not treated as regular employee compensation.

The Volunteer Responder Incentive Protection Act would allow communities to provide volunteer firefighters and EMS workers with up to $600 per year of property tax reductions or other incentives, without those benefits being subject to federal income tax and withholding. This would ease the administrative burden that local departments sometimes face when they reward their volunteers. We also want to help first responders save for retirement. For years, local and state governments have provided their volunteer firefighters and EMS personnel with different forms of benefits, including Length of Service Award Programs, commonly known as LOSAPs. These are pension-like benefits for volunteer emergency responders.

Our second bill, the LOSAP Cap Act, would help communities recruit and retain volunteer firefighters by increasing the annual cap on contributions to their retirement accounts to $6,000, and allowing for adjustments for inflation.

As we begin the complicated process of reforming our nation's tax code, I believe we should take care to protect those who serve this country with such bravery. That is why Senator Cardin and I have introduced these bills today, and I urge my colleagues to join us in supporting them.

Mr. President, I wish to introduce the Community Bank Sensible Regulation Act of 2017, a bill that would allow financial regulators to exempt community banks from unnecessary and unduly burdensome requirements, if doing so is in the public interest. My bill would provide this authority to the FDIC, the Office of the Comptroller of the Currency, and the Federal Reserve and would apply to financial institutions with less than $10 billion in assets.

The aim of my legislation is to allow the financial regulators to exempt community banks from highly complex regulations designed to protect our financial system from systemic risks that would arise from the failure of larger banks. All banks, large and small, should be well-capitalized and properly regulated, but that does not mean that our financial regulators must impose a ``one size fits all'' regulatory regime across the board without regard to the risks posed to the financial system by banks with fundamentally different business models and of vastly different sizes.

Some regulations that are appropriate or essential for larger banks may make no sense when applied to community banks. For example, current law requires community banks to demonstrate that they are in compliance with the Volcker Rule--which restricts proprietary trading and hedge fund investments by banks--even though community banks rarely engage in such trading. Even so, community banks must shoulder the burden of complying with this complex regulation. My bill would allow the regulators to exempt community banks from the Volcker Rule.

As the GAO has noted, smaller banks are ``disproportionately affected by increased regulation, because they are less able to absorb additional costs.'' These costs are significant. According to industry representatives, the cost of complying with regulations absorbs 12 percent of total bank operating expenses, and is two-and-a-half times greater for small banks than for large banks.

The cost of regulation puts community banks at a competitive disadvantage vis-a-vis larger banks. Over the past two decades, the share of the U.S. banking industry represented by community banks has declined from 40 percent to just 18 percent. Over the same period, the share of the market represented by the five largest banks has grown from roughly 18 percent to 46 percent. I am concerned that unnecessary regulation will accelerate these trends, and ironically, contribute to the further consolidation of the banking industry into a handful of ``too big to fail'' banks.

Community banks play an essential role in meeting the credit needs of their customers, particularly small businesses, homeowners, and farmers. Although community banks represent just 18 percent of total banking assets, they are responsible for half of our nation's small business loans. With small business formation at generational lows, it is essential that we preserve and protect their access to credit, as they are the major driver of job creation in our country. In addition, community banks provide three-fourths of our nation's agricultural loans, a line of finance that requires highly specialized knowledge of farming and a long-term perspective suited to agricultural cycles.

Regulators should be able to tailor their regulations to take the distinctive nature of community banks into account. My bill would allow regulators to exempt community banks from unnecessary and burdensome regulations where it is in the public interest to do so. I urge my colleagues to support it.

Mr. President, I am pleased to be joined by my colleague from Wisconsin, Senator Baldwin, in introducing the Lifespan Respite Care Reauthorization Act of 2017.

Every day, an estimated 43 million family caregivers attend to loved ones who are experiencing chronic, disabling health conditions. While many of these individuals care for an older adult, almost one-third of caregivers attend to persons under the age of 50. Caregivers help individuals remain at home, often delaying the need for nursing home or foster care placements. The value of their efforts are tremendous, amounting to more than $470 billion in uncompensated care. This task, however, can take a toll. Caregivers experience higher mortality rates and are more likely to acquire acute and chronic health conditions. That is why respite care is so important. It provides temporary relief to caregivers from their ongoing responsibilities, reducing the toll they experience. Respite care helps keep caregivers healthy, keeps families intact, and provides a substantial public value.

Recently, the Senate Aging Committee, which I chair, held a hearing on age-friendly communities. Meg Callaway, the project director of the Piscataquis Thriving in Place Coalition in Dover-Foxcroft, ME, testified that ``the one most critical service is respite.'' We have heard this time and time again.

In 2006, when the Lifespan Respite Care Act was originally enacted, the goal was to improve the delivery and quality of respite care available to all caregivers. Since that time, 35 States and the District of Columbia have received grants to increase the availability and quality or respite services.

Still, with an increasing number of Americans with chronic conditions who require some amount of caregiver support on a daily basis, the need for respite care continues to increase and outpace available resources.

The legislation that we are introducing would authorize $15 million per year for 5 years, through 2022, to extend the program. Such funding would provide competitive grants to States to establish or enhance statewide Lifespan Respite systems that maximize existing resources and help ensure that quality respite care is available and accessible to all family caregivers. This reauthorization also would require grantees to monitor and evaluate the effectiveness of programs and activities funded under such grants.

Thirty-six aging and disability organizations have endorsed the Lifespan Respite Care Reauthorization Act, including the ARCH National Respite Network, the Alzheimer's Association, the Michael J. Fox Foundation, and the Elizabeth Dole Foundation.

I urge all of my colleagues to support this important legislation.

Mr. President, in 1973, when Senator Margaret Chase Smith returned to private life and her hometown of Skowhegan, ME, she brought with her hundreds of thousands of documents, photographs, recordings, and memorabilia accumulated during her remarkable 33 years of public service. Nine years later, in 1982, with the support and encouragement of her many friends and admirers, her dream of establishing a library was realized. Today I wish to commemorate the 35th anniversary of the Margaret Chase Smith Library.

The Margaret Chase Smith Library is one of our Nation's premier freestanding congressional libraries, a priceless archive and museum, and an invaluable educational center. From the very start, it was Senator Smith's wish for the library to be more than a storehouse of papers and a collection of mementos. She wanted it to be a place of aspirations, an institution where students would be inspired to public service. She wanted it to be a source of insight and information for historical scholarship from the perspective of a historic leader. Just as important, she wanted it to be a place where citizens would come together to discuss important policy issues in an atmosphere of civility and respect.

Senator Smith did more than wish for those things; she worked to bring them about. From opening day in August of 1982 until shortly before her passing in 1995, she presided over the facility, meeting with schoolchildren, researchers, policymakers, and engaged citizens. The library as it exists today stands on the foundation of a great leader's commitment to service.

This great accomplishment is the work of many hands. Outstanding directors, dedicated staff, an exceptional board of directors, Northwood University, the Margaret Chase Smith Policy

Center at the University of Maine, the Margaret Chase Smith Foundation, and Senator Smith's close friend and adviser, Merton Henry, have worked together in a collaborative spirit that pays the highest tribute to Senator Smith and her legacy.

That legacy is, above all, a reminder of the obligation we all share to uphold the values and ideals of our Nation. Thanks to the Margaret Chase Smith Library, that message remains strong. I congratulate its staff and many supporters on this 35th anniversary and know that this library will continue to inspire us for generations to come.

Mr. President, each May we recognize National Police Week to honor the service and sacrifice of U.S. law enforcement officers and to pay tribute to those who have lost their lives in the line of duty. One meaningful way for us to honor our police officers and other law enforcement officials this week is to give them the tools they need to stop the illegal firearms traffickers who threaten their lives and the lives of those they protect.

Today, I rise to join Senator Leahy in introducing the Stop Illegal Trafficking and Firearms Act. Our bill would strengthen Federal law by making it easier for prosecutors to go after gun traffickers, while fully protecting the rights of the vast majority of gun owners who are law-abiding citizens.

Straw purchasing is intended to achieve only one result, and that is to put a gun in the hands of a criminal who cannot legally obtain one. Today, traffickers exploit weaknesses in our laws by targeting individuals who can lawfully purchase guns, which are then used to commit crimes once they are transferred to the criminal, who would be unable to pass the background check. Right now, a straw purchaser can only be prosecuted for lying on a Federal form, and that is treated as a paperwork violation. Our bill would create new criminal offenses for straw purchasing, which would help our law enforcement officials take down these criminal enterprises.

The illegal guns that we are targeting in our bill are frequently sold, resold, and trafficked across State lines, resulting in the proliferation of the illegal firearms in our communities. This practice has fueled the violence across our southern border associated with the Mexican drug cartels, as well as gang violence in our cities and, tragically, the heroin crisis that is ravaging so many families and communities and undermining public health and safety in States like Maine.

Police officers tell me they have seen a major influx of drug dealers coming from out of State, straight up I-95's iron pipeline and other interstate highways, with direct ties to gangs in major cities. They are ready to sell or trade prescription opioids and heroin for illegal guns.

Heroin flooding into our communities is reaching crisis levels. In 2016, there were 376 drug-induced overdose deaths in my State, the State of Maine. That is more than car crashes and suicides put together. It is 104 more deaths than the year before. So this crisis with opioids and heroin is getting worse, not better. The vast majority of these overdoses were caused by at least one opioid, whether pharmaceutical or illicit.

Often, drug dealers and gang members follow a similar pattern: They target addicts who have no criminal records, and then they trade or sell them drugs in exchange for guns. These gang members with criminal records cross into Maine and link up with drug addicts to be their straw buyers. These addicts are people with clean records who may legally purchase firearms. The addict then exchanges the gun for heroin to support his or her drug dependency, and the cycle is repeated time and again.

Last year I had a deeply disturbing briefing from Federal law enforcement officials about a case in Maine that fit this exact pattern. Gang members trafficked crack cocaine and heroin between New Haven, CT, and Bangor, ME. They committed acts of violence, including assaults, armed robberies, attempted murder, and murder. They traded narcotics for firearms and then distributed them to other gang members back in Connecticut. This is exactly the type of criminal activity our bill aims to prevent, and it complements existing laws that target criminals who are profiting from firearms and drug trafficking.

Current Federal law makes preventing and prosecuting straw purchasing offenses very difficult for law enforcement officials, since a straw purchaser can be prosecuted only for lying on a Federal form, a relatively minor offense.

The Stop Illegal Trafficking in Firearms Act would create new, specific criminal offenses for straw purchasing and trafficking in firearms. Instead of a slap on the wrist, these crimes would be punishable by up to 15 years in prison. For those straw purchasers who knew or have reasonable cause to believe that the firearm would be used to

commit a crime of violence, that crime would be punishable by up to 25 years in prison.

Our bill would also strengthen existing laws that prohibit gun smuggling. Right now, it is illegal for someone to smuggle a firearm into the United States with the intent to engage in drug trafficking or violent crime. To combat the drug cartels operating on our southern border, however, we must also prohibit firearms and ammunition from being trafficked out of the United States for those illegal purposes. In so doing, our bill would provide an important tool to combat trafficking organizations that are exporting firearms and ammunition from the United States and into Mexico where they are used by the drug cartels that are in turn fueling the heroin crisis here at home.

In a recent investigation along our southern border, ATF agents seized nearly 40,000 rounds of illegal ammunition from suspects who were attempting to smuggle both firearms and ammunition across the border and into Mexico. Similarly, a large percentage of the guns used in crimes in our largest cities were trafficked across State lines.

I want to emphasize that our bill fully protects the Second Amendment rights of our law-abiding citizens. It protects legitimate private gun sales and is drafted to avoid sweeping in innocent transactions and placing unnecessary burdens on lawful private sales. It expressly exempts certain transactions that are permitted under current laws, such as gifts, raffles, and auctions. Furthermore, the bill expressly prohibits any authority provided by this act from being used to establish a Federal firearms registry--something I am strongly opposed to.

I started my remarks by reminding us all that this is National Police Week. Let's honor our police officers and other law enforcement by giving them this much needed tool to crack down on illegal firearm traffickers who are exploiting our addicts in so many ways in order to obtain guns that they are not legally able to purchase. I urge my colleagues to support this much needed legislation.

Thank you, Mr. President.

Mr. President, each May we recognize National Police Week to honor the service and sacrifice of U.S. law enforcement officers and to pay tribute to those who have lost their lives in the line of duty. One meaningful way for us to honor our police officers and other law enforcement officials this week is to give them the tools they need to stop the illegal firearms traffickers who threaten their lives and the lives of those they protect.

Today, I rise to join Senator Leahy in introducing the Stop Illegal Trafficking and Firearms Act. Our bill would strengthen Federal law by making it easier for prosecutors to go after gun traffickers, while fully protecting the rights of the vast majority of gun owners who are law-abiding citizens.

Straw purchasing is intended to achieve only one result, and that is to put a gun in the hands of a criminal who cannot legally obtain one. Today, traffickers exploit weaknesses in our laws by targeting individuals who can lawfully purchase guns, which are then used to commit crimes once they are transferred to the criminal, who would be unable to pass the background check. Right now, a straw purchaser can only be prosecuted for lying on a Federal form, and that is treated as a paperwork violation. Our bill would create new criminal offenses for straw purchasing, which would help our law enforcement officials take down these criminal enterprises.

The illegal guns that we are targeting in our bill are frequently sold, resold, and trafficked across State lines, resulting in the proliferation of the illegal firearms in our communities. This practice has fueled the violence across our southern border associated with the Mexican drug cartels, as well as gang violence in our cities and, tragically, the heroin crisis that is ravaging so many families and communities and undermining public health and safety in States like Maine.

Police officers tell me they have seen a major influx of drug dealers coming from out of State, straight up I-95's iron pipeline and other interstate highways, with direct ties to gangs in major cities. They are ready to sell or trade prescription opioids and heroin for illegal guns.

Heroin flooding into our communities is reaching crisis levels. In 2016, there were 376 drug-induced overdose deaths in my State, the State of Maine. That is more than car crashes and suicides put together. It is 104 more deaths than the year before. So this crisis with opioids and heroin is getting worse, not better. The vast majority of these overdoses were caused by at least one opioid, whether pharmaceutical or illicit.

Often, drug dealers and gang members follow a similar pattern: They target addicts who have no criminal records, and then they trade or sell them drugs in exchange for guns. These gang members with criminal records cross into Maine and link up with drug addicts to be their straw buyers. These addicts are people with clean records who may legally purchase firearms. The addict then exchanges the gun for heroin to support his or her drug dependency, and the cycle is repeated time and again.

Last year I had a deeply disturbing briefing from Federal law enforcement officials about a case in Maine that fit this exact pattern. Gang members trafficked crack cocaine and heroin between New Haven, CT, and Bangor, ME. They committed acts of violence, including assaults, armed robberies, attempted murder, and murder. They traded narcotics for firearms and then distributed them to other gang members back in Connecticut. This is exactly the type of criminal activity our bill aims to prevent, and it complements existing laws that target criminals who are profiting from firearms and drug trafficking.

Current Federal law makes preventing and prosecuting straw purchasing offenses very difficult for law enforcement officials, since a straw purchaser can be prosecuted only for lying on a Federal form, a relatively minor offense.

The Stop Illegal Trafficking in Firearms Act would create new, specific criminal offenses for straw purchasing and trafficking in firearms. Instead of a slap on the wrist, these crimes would be punishable by up to 15 years in prison. For those straw purchasers who knew or have reasonable cause to believe that the firearm would be used to

commit a crime of violence, that crime would be punishable by up to 25 years in prison.

Our bill would also strengthen existing laws that prohibit gun smuggling. Right now, it is illegal for someone to smuggle a firearm into the United States with the intent to engage in drug trafficking or violent crime. To combat the drug cartels operating on our southern border, however, we must also prohibit firearms and ammunition from being trafficked out of the United States for those illegal purposes. In so doing, our bill would provide an important tool to combat trafficking organizations that are exporting firearms and ammunition from the United States and into Mexico where they are used by the drug cartels that are in turn fueling the heroin crisis here at home.

In a recent investigation along our southern border, ATF agents seized nearly 40,000 rounds of illegal ammunition from suspects who were attempting to smuggle both firearms and ammunition across the border and into Mexico. Similarly, a large percentage of the guns used in crimes in our largest cities were trafficked across State lines.

I want to emphasize that our bill fully protects the Second Amendment rights of our law-abiding citizens. It protects legitimate private gun sales and is drafted to avoid sweeping in innocent transactions and placing unnecessary burdens on lawful private sales. It expressly exempts certain transactions that are permitted under current laws, such as gifts, raffles, and auctions. Furthermore, the bill expressly prohibits any authority provided by this act from being used to establish a Federal firearms registry--something I am strongly opposed to.

I started my remarks by reminding us all that this is National Police Week. Let's honor our police officers and other law enforcement by giving them this much needed tool to crack down on illegal firearm traffickers who are exploiting our addicts in so many ways in order to obtain guns that they are not legally able to purchase. I urge my colleagues to support this much needed legislation.

Thank you, Mr. President.

Mr. President, the Veterans of Foreign Wars of the United States traces its roots to 1899, when veterans returning home after the Spanish-American War joined together to support each other and to advance the ideals of our Nation. Nearly a half century later, on May 11, 1947, veterans returning to my hometown after World War II joined together for the same noble causes. Today I wish to commemorate the 70th anniversary of Lister-Knowlton VFW Post 9389 in Caribou, ME.

The name of Post 9389 signifies a fundamental purpose of the VFW: to honor those who gave their lives for freedom. Private Evan Lister and CPL Edward Knowlton were both born in Caribou, both served in the U.S. Army during World War II, and both made the ultimate sacrifice when they were each just 23 years old. Neither will ever be forgotten. Nor will we ever forget those who returned home but who have since passed into history. It is sobering to note that today there is just one living charter member of the Caribou post, WWII veteran David O. Michaud, and we honor him for his service.

In 2003, the Northern Maine Veterans Cemetery was dedicated in Caribou. This final resting place for our heroes was the result of many years of hard work and determined advocacy by committed citizens, with our VFW post leading the way. My father, Donald Collins, a decorated World War II veteran, was among those who made that enduring tribute possible.

A defining quality of America's veterans is that they continue to serve long after their service in uniform ends. Members of the Caribou VFW and the auxiliary are part of a vast network that assists the patriots serving today, fellow veterans, and their families. They generously support a wide range of community projects, charitable endeavors, and youth programs. One of the most important contributions made by the VFW is its focus on educating our young people on American values. Each year, more than 175,000 high school and middle school students nationwide join in the VFW's Voice of Democracy and Patriot's Pen essay competitions. That wonderful level of participation is always matched by the quality of the submissions. Last year, at the State VFW convention, I was delighted to congratulate the two Maine winners, including Corrine Corbin of Caribou, sponsored by our hometown VFW.

I am proud to be a life member of the Caribou VFW Post auxiliary, which was also chartered in 1947. Working side by side, the VFW and auxiliary honor America and the men and women who defend us. It is a pleasure to congratulate the Lister-Knowlton VFW Post 9389 on this landmark anniversary.